Freestone Grove Partners LP Makes New Investment in Clover Health Investments, Corp. (NASDAQ:CLOV)

Freestone Grove Partners LP purchased a new stake in shares of Clover Health Investments, Corp. (NASDAQ:CLOV - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 127,584 shares of the company's stock, valued at approximately $402,000.

Several other hedge funds also recently added to or reduced their stakes in CLOV. Triumph Capital Management acquired a new position in shares of Clover Health Investments in the 4th quarter worth approximately $45,000. Steph & Co. grew its stake in shares of Clover Health Investments by 33.3% in the fourth quarter. Steph & Co. now owns 20,000 shares of the company's stock valued at $63,000 after buying an additional 5,000 shares in the last quarter. Parallax Volatility Advisers L.P. raised its holdings in shares of Clover Health Investments by 47.7% in the 4th quarter. Parallax Volatility Advisers L.P. now owns 19,855 shares of the company's stock valued at $63,000 after buying an additional 6,408 shares during the period. ADAR1 Capital Management LLC purchased a new position in Clover Health Investments during the 4th quarter valued at about $73,000. Finally, Thoroughbred Financial Services LLC acquired a new position in Clover Health Investments in the 4th quarter valued at about $84,000. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group increased their price target on shares of Clover Health Investments from $4.20 to $4.50 and gave the stock a "buy" rating in a research report on Monday, March 3rd.

Clover Health Investments Trading Down 6.4 %

NASDAQ:CLOV traded down $0.24 during midday trading on Friday, reaching $3.51. The company had a trading volume of 7,646,927 shares, compared to its average volume of 6,802,677. Clover Health Investments, Corp. has a 12-month low of $0.82 and a 12-month high of $4.87. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of -17.55 and a beta of 1.99. The stock's fifty day simple moving average is $3.57 and its 200-day simple moving average is $3.71.

Clover Health Investments (NASDAQ:CLOV - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.05 EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.12. The business had revenue of $462.33 million during the quarter, compared to the consensus estimate of $466.93 million. Clover Health Investments had a negative return on equity of 25.46% and a negative net margin of 5.92%. As a group, sell-side analysts expect that Clover Health Investments, Corp. will post -0.12 EPS for the current year.

Insider Activity

In related news, Director Carladenise Armbrister Edwards sold 200,000 shares of Clover Health Investments stock in a transaction on Friday, March 7th. The shares were sold at an average price of $3.61, for a total transaction of $722,000.00. Following the sale, the director now directly owns 273,227 shares in the company, valued at $986,349.47. This trade represents a 42.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Karen Soares sold 52,500 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $3.80, for a total value of $199,500.00. Following the transaction, the general counsel now directly owns 1,299,663 shares in the company, valued at approximately $4,938,719.40. The trade was a 3.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 327,500 shares of company stock worth $1,197,500. 22.28% of the stock is currently owned by corporate insiders.

Clover Health Investments Profile

Clover Health Investments, Corp. provides medicare advantage plans in the United States. It operates through two segments: Insurance and Non-Insurance. It also offers Clover Assistant, a cloud-based software platform, that enables physicians to detect, identify, and manage chronic diseases earlier; and access to data-driven and personalized insights for the patients they treat.